\documentclass[]{article}
\setlength{\pdfpagewidth}{8.5in} \setlength{\pdfpageheight}{11in}
\begin{document}
\begin{tabular}{lccccc} \hline
 & (1) & (2) & (3) & (4) & (5) \\
 & OLS & OLS & OLS & 2SLS & System GMM \\
VARIABLES & Electoral democracy index & Electoral democracy index & Electoral democracy index & Electoral democracy index & Electoral democracy index \\ \hline
 &  &  &  &  &  \\
Arms Technology Index (formative) = L, & -0.93** & -1.40*** & -1.36*** & -3.54** & -0.29 \\
 & (0.37) & (0.35) & (0.34) & (1.49) & (0.31) \\
Small arms = L, & -0.34 &  &  &  &  \\
 & (1.19) &  &  &  &  \\
Arms Technology Index x Western Europe = L, &  & 2.20 &  &  &  \\
 &  & (2.20) &  &  &  \\
GDP per capita (log) = L, & 8.75*** & 9.17*** & 8.24*** & 9.53*** & 2.61** \\
 & (1.85) & (1.89) & (2.00) & (2.09) & (1.26) \\
Electoral democracy index = L, &  &  &  &  & 0.80*** \\
 &  &  &  &  & (0.04) \\
 &  &  &  &  &  \\
Observations & 2,314 & 2,368 & 1,882 & 1,882 & 1,898 \\
Sample & Full & Full & Excl. WEU & Excl. WEU & Excl. WEU \\
Countries & 143 & 143 & 127 & 127 & 153 \\
 Kleibergen-Paap F-statistic &  &  &  & 27.27 &  \\ \hline
\multicolumn{6}{c}{ Robust standard errors in parentheses} \\
\multicolumn{6}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
\end{document}
